How To Teach Your Child Good Money Habits The Easy Way

it is never too early to start teaching your children about good money habits. By instilling good spending and budgeting habits in your children at a young age, you are preparing them for the future.

Helping them to develop good money habits can be fairly simple, so avoid complex lessons until they are older and can understand the significance of money and budgeting.

I once saw a mom and her little boy in Walmart. The little boy was asking for a toy and the mom said: “Do you have your money with you?” and the little boy replied “no” then the mom said, ” I will pay for it but when we get home you need to pay me back”. I was very impressed with what that mom was teaching her child.

People are getting into more and more debt with no plan on how to get out. Children in school and in their homes are not being taught good money habits.

My husband’s parents made him work for his money and taught him the value of saving his money at a young age. Because of that, my husband is very responsible and wise on how we spend our money.

It is not hard to teach your children good money habits. One great way to teach your children good money habits is togive them an allowance. Do not give them an allowance for doing nothing – this can defeat the purpose. Children benefit from learning that money is earned by working.

A kindergartner is able to help with small chores around the house, so put them to work and let them earn their allowance this way. By doing this not only are you showing to them that hard work pays off but you are also helping them with the feelings of accomplishment which helps their confidence to grow.

When you were young did you ever hold a lemonade stand? I sure did and I was so proud of the money I made and I had one every weekend! Help your child set up a lemonade stand and show them how to make the product, market it and sell it. This is another idea to teach good money habits. If nothing sells they learned a valuable life lesson.

Have your children save up their allowance for something that they really want. Whether it is a comic book or the hottest new toy on the market, having your child save up for the item will teach them that nothing comes for free. In return, children also learn that the items you buy them have real value and should be treated as such.

I remember a conversation I had with a friend of mine where she was so tired of her children beating the crap out the toys they bought for them. So she started having them buy

their own toys and she said that having them buy a lot of their own toys taught them to take care of their toys and they were so proud of their toys because they bought them with their own money.

If your child really wants an item, it is also good to help them meet the value of the toy. For example, they can earn the toy by doing certain chores for a month: Keeping their rooms clean, feeding the animals or doing other small chores.

Another good educational opportunity is to expose your child to money. A lot of children nowadays are so used to seeing parents pay with debit and credit cards that they may not know want actual money looks like. Show your kids the different types of money, coins, bills, etc. And tell them the monetary amount for each.

When you go shopping, let your child have a try at paying certain items. This will help them feel quite grown up and give a good lesson in money matters.

Teaching your children good money habits early on in life helps to stress the importance of preparing for a financial future. Oftentimes parents do not instill the proper money management skills into their children, unaware that this is an important life lesson. It is never too early or too late to start teaching your children how to establish good money habits.

Wait! Before you go...

Are you pregnant? Then you don't want to miss out on your change to get 7 FREE Easy Tips To Help You Have A Stress-free Pregnancy!

Enter your email below now!

Success! Now check your email to confirm your subscription.

There was an error submitting your subscription. Please try again.

Email Address

I'd like to receive the free email course. We won't send you spam. Unsubscribe at any time. Powered by ConvertKit

Kara is a co-founder of the Dollar Mommy Club and a full-momma and who loves every minute of it. Ever since she was a little girl (around two years old actually) she has wanted a baby of her own. She even asked her mom for “a crying and pooping baby doll” for Christmas when she was just 6 years old.
Certain events took place to where Kara was diagnosed with Endometriosis, and doctors told her that having her own children might be impossible. She spent years trying to figure out her health by trying everything under the sun that you can think of. It wasn’t until a few years after she was married that both she and her husband figured it out, and they were blessed with their first baby girl! When Kara isn’t managing the Dollar Mommy Club and it’s wonderful members and contributors, she enjoys spending time with family, binge-watching The Office on Netflix, and creating art.

Learning how to handle money is a very useful skill. It should be taught early on because, although we love our kids, we might not want them to live at home for the rest of there life because of one bad money decision. We want them to be able to experience the world! Thanks for sharing.

Really great information, especially for new parents. I know I’m thankful that my parents taught me great habits when it came to budgeting and finances. I was given an allowance only if I did my weekly chores, got good grades, etc.Jennifer L recently posted…4 Minimalist Ways to Wear Plaid This Season

I have always tried to teach my kids how important saving their money is as well as understanding saving up for something they want and paying for something themselves. Starting young is great and will help set lifelong values.

Starting young and instilling values and skills like these are invaluable. This will surely help our children grow into resourceful, contributing, and appreciative adults. Great tips!! Xo, Evelyn, PathofPresence.com 🦋Evelyn, PathofPresence 🦋 recently posted…6 Simple Ways to Love Your Mom

Great way to teach kids about managing money. Love this idea. I used Monopoly game to make them understand the flow and management of money. If kids can understand the money management with currency game, chances are they can understand the real money.

My mom used to teach me money habits. She shaped my ideas about finances and this has proved to be useful when I have grown up and have had my own kids. Coincidentally or not, many of your tips match with my mom’s.

Awesome tips for parents really and I’m going to make sure to do this when I am a parent :). Saving money and spending money with kids it could a problem if it doesn’t get through parents and teaching this habits would help a lot.

I learnt to take care of my finances at very early age and I am trying to teach my daughter the same thing these days. I follow a lot of things you mentioned like letting her do the payment for a few items. There are many things I learnt from your post. Thanks for sharing

Learning to take care of finances is such a valuable skill to have in life. Everyone needs it. My husband and I have done similar to our boys, when they want something at the store, if is something extra, they have to pay us back. They are stingy with their quarters, so they usually end up deciding against it.Stephanie recently posted…Caramel Lovers Unite! National Caramel Day + 145 Recipes